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Debt (Tables)
 12 Months Ended
Dec. 31, 2019
Debt Disclosure [Abstract]  
Schedule of debt
Debt consisted of the following (in millions):

December 31,
2019		December 31,
2018
SHORT-TERM DEBT
Commercial paper notes, bearing a weighted-average interest rate of 2.2% (1)
$93  $—  
Senior secured hedged inventory facility, bearing a weighted-average interest rate of 2.7% (1)
325  —  
Other86  66  
Total short-term debt504  66  
LONG-TERM DEBT
Senior notes:
2.60% senior notes due December 2019 (2)
—  500  
5.75% senior notes due January 2020
—  500  
5.00% senior notes due February 2021
600  600  
3.65% senior notes due June 2022
750  750  
2.85% senior notes due January 2023
400  400  
3.85% senior notes due October 2023
700  700  
3.60% senior notes due November 2024
750  750  
4.65% senior notes due October 2025
1,000  1,000  
4.50% senior notes due December 2026
750  750  
3.55% senior notes due December 2029
1,000  —  
6.70% senior notes due May 2036
250  250  
6.65% senior notes due January 2037
600  600  
5.15% senior notes due June 2042
500  500  
4.30% senior notes due January 2043
350  350  
4.70% senior notes due June 2044
700  700  
4.90% senior notes due February 2045
650  650  
Unamortized discounts and debt issuance costs(61) (59) 
Senior notes, net of unamortized discounts and debt issuance costs8,939  8,941  
Other long-term debt:
GO Zone term loans, net of debt issuance costs of $1 and $2, respectively, bearing a weighted-average interest rate of 2.6% and 3.1%, respectively
199  198  
Other49  4  
Total long-term debt9,187  9,143  
Total debt (3)
$9,691  $9,209  

(1)We classified these commercial paper notes and credit facility borrowings as short-term as of December 31, 2019, as these notes and borrowings were primarily designated as working capital borrowings, were required to be repaid within one year and were primarily for hedged NGL and crude oil inventory and NYMEX and ICE margin deposits.
(2)As of December 31, 2018, we classified our $500 million, 2.60% senior notes due December 2019 as long-term based on our ability and intent to refinance such amounts on a long-term basis.
(3)Our fixed-rate senior notes had a face value of approximately $9.0 billion at both December 31, 2019 and 2018. We estimated the aggregate fair value of these notes as of December 31, 2019 and 2018 to be approximately $9.3 billion and $8.6 billion, respectively. Our fixed-rate senior notes are traded among institutions, and these trades are routinely published by a reporting service. Our determination of fair value is based on reported trading activity near the end of
the reporting period. We estimate that the carrying value of outstanding borrowings under our credit facilities and commercial paper program and GO Zone term loans approximates fair value as interest rates reflect current market rates. The fair value estimates for our senior notes, credit facilities, commercial paper program and GO Zone term loans are based upon observable market data and are classified in Level 2 of the fair value hierarchy.
Issuances of senior unsecured notes
The table below summarizes our issuances of senior unsecured notes during the three years ended December 31, 2019 (in millions):
YearDescriptionMaturityFace ValueInterest Payment Dates
2019
3.55% Senior Notes issued at 99.801% of face value
December 2029$1,000  June 15 and December 15
During the three years ended December 31, 2019, we repaid the following senior unsecured notes (in millions):
YearDescriptionRepayment Date
2019
$500 million 2.60% Senior Notes due December 2019
November 2019
(1)
2019
$500 million 5.75% Senior Notes due January 2020
December 2019
(1)
2017
$400 million 6.13% Senior Notes due January 2017
January 2017
(2)
2017
$600 million 6.50% Senior Notes due May 2018
December 2017
(2) (3)
2017
$350 million 8.75% Senior Notes due May 2019
December 2017
(2) (3)

(1)We repaid these senior notes with proceeds from our 3.55% senior notes issued in September 2019 and cash on hand.
(2)We repaid these senior notes with cash on hand and proceeds from borrowings under our credit facilities and commercial paper program.
(3)In conjunction with the early redemptions of these senior notes, we recognized a loss of approximately $40 million, recorded to “Other income/(expense), net” in our Consolidated Statement of Operations.
Aggregate maturities of long-term debt The following table presents the aggregate contractually scheduled maturities of such senior notes and GO Zone term loans for the next five years and thereafter. The amounts presented exclude unamortized discounts and debt issuance costs.
Calendar Year
Payment
(in millions)
2020$—  
2021$600  
2022$750  
2023$1,300  
2024$750  
Thereafter$5,800